Friday, September 22, 2017
WHAT IS THE LATEST ON BITCOIN?
The bitcoin began to be traded in 2009. At its mid-life four years ago I posted on this digital currency, which allows anonymous trade on the internet. Nothing can be traced--drugs, porn, anything--and you avoid bank and credit card fees. Well, maybe not so, as the U.S. government has arrested four individuals for illegal transactions. The value in 2013 was $450. Today?
However, on the second of this month, the bitcoin was listed above $5,000, but problems with China banning this currency at the end of September triggered an almost free fall. Yesterday:
Japan, which already handles half the value, is stepping in to stabilize the account. There are bitcoin exchange markets the world over. China only handles around 6%, plus the country manipulated the market in 2013, so this adjustment could well be beneficial in the long run. On the other hand, there are so many exchanges that trading becomes confusing. If interested anyway in investing, click on that link.
I almost hate to mention this, but will anyway. This exchange is based on artificial scarcity. There will only be 21 million bitcoins in total, but this limit will not be reached until around 2140. The numbers are released every ten minutes and the rate at which they are generated would drop by half every four years until reaching that limit. If you're confused, join me.
A lot of mystery with bitcoin, the foremost, perhaps, is the speculation that 42-year old Satoshi Nakamoto invented it, and disappeared with a today value of $4 billion. No photo of him. He published Bitcoin: a Peer-to-Peer Electronic Cash System in October of 2008, and in January of 2009 released the first bitcoin software to launch the network. He passed on control to Gavin Andresen (right) in 2010 and literally evaporated.
The current conjecture is that Satoshi could be a group of people, a host of individuals from Europe, the CIA, or, even, a 64-year old Japanese-American from California, Dorian Nakamoto, a physicist and libertarian. The only reality is that no one knows for sure.
Of course, I can't leave any controversial topic without implicating President Donald Trump: